If you’re planning to buy your first home, changes to the Home Buyers’ Plan in 2024 could make a difference. As of April 16, 2024, the withdrawal limit from your RRSP has increased and repayment terms have been extended. While not many of my clients do take advantage of the Home Buyer’s Plan – I do see some of them, or their family members, including children, taking advantage of the program. Here’s a quick hit video outlining the Home Buyers’ Plan changes.
Video Transcript: Home Buyers’ Plan changes for first-time home buyers
After April 16th, 2024, there have been changes made to the Home Buyers’ Plan.
The Home Buyers’ Plan, as a quick reminder, allows individuals with RRSPs to take some of the funds out of their RRSPs and use them for home purchases. There’s a variety of rules associated with it, but the limits now have increased from $35,000 to $60,000.
And while I appreciate many people do not use this plan, if it’s right for you, you’ll certainly appreciate the additional amounts that are possible to contribute towards a down payment and some extensions with respect to the repayment plan itself.
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Resources
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Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
